Hainan becomes part of new opening-up plan

This year marks the 40th anniversary of China's reform and opening-up, and the 30th anniversary of Hainan as a new province. To mark the occasion, President Xi Jinping said on April 13 that the central government will help Hainan explore the possibility of developing into a free trade zone and building a pilot free trade port. This significant policy manifests China's resolution to further open up its economy and promote globalization.

Thanks to the 40 years of reform and opening-up, Chinese society has undergone a radical economic and social transformation. Now, China's reform and opening-up have stepped into the new era centering on innovation.

Domestically, China is focused on supply-side structural reform and improving the quality and efficiency of the national economy. After four decades of reform and opening-up, China has basically established socialist market economy, but it still faces the problem of an incomplete market system, diverse market rules and insufficient market competition. The main aim of reform therefore is to establish a sound relationship between the government and the market, and allow the latter to play a leading role in resource distribution.